GBP/NOK may rise 756 - 1046 pips

Our pivot point stands at 14.1820.

Our preference

The upside prevails as long as 14.1820 is support.

Alternative scenario

Below 14.1820, expect 14.1340 and 14.1050.

Comment

The RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 14.1747 and 14.1637). Finally, the GBP/NOK is trading above its upper Bollinger band (standing at 14.2182).

Supports and resistances

14.3860 **

14.3570 *

14.3290 **

14.3000

14.2244 last

14.2010

14.1820 **

14.1340 *

14.1050 **

Number of asterisks represents the strength of support and resistance levels.